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Oil makes new 6-year lows

FXStreet (Córdoba) - Oil prices extended losses on Monday and fell to their lowest levels in more than 6 years after the Organization of the Petroleum Exporting Countries (OPEC) failed to agree at its meeting on Friday to cut output to stabilize prices, which have fallen more than 60% since mid-2014.

WTI fell below $38.00 a barrel and hit its lowest since February 2009 around $37.50 a barrel and it was down 5.48% at $37.78 a barrel.

WTI technical view

“Daily basis, the commodity is biased lower, having accelerated further below its moving averages, while the technical indicators present strong bearish slopes, despite entering oversold territory”, said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the 4 hours chart also favors a bearish continuation, as the 20 SMA has extended its decline well above the current level, whilst the technical indicators continue heading lower after entering oversold readings”.

Support levels: 37.40 36.75 36.20. Resistance levels: 38.35 39.10 40.00.

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